Quy Nhon Port affirms honest business results

Share this on: Hanoi, Jul 13 2020 - 08:18 AM

The Quy Nhon Port Joint Stock Company (code: QNP) affirmed that the company's 2019 financial statements faithfully reflected its business results.


This was the response of Quy Nhon Port after the Viet Nam Association of Financial Investors (VAFI)'s said that the Quy Nhon Port had inflated business performance with some dishonest business indicators in its financial statement in 2019.

The Quy Nhon Port said that its financial statement was published on websites of the company and the State Securities Commission in 2019 with transparent business indicators.

According to the statement, the volume of goods handled through the Quy Nhon Port in 2019 reached 9.1 million tonnes, an increase of 9.5 per cent compared to 2018. Of which, container cargo reached 136,817 twenty-foot equivalent units (TEUs), a surge of 7.5 per cent compared to 2018.

In 2019, the port gained a year-on-year increase of 11.6 per cent in total revenue to VND812.8 billion. Of which, its business and service revenue reached VND800 billion, up 11.5 per cent over the same period.

Its profit before tax in 2019 was VND128.6 billion, an increase of 7 per cent compared to 2018.

The Vietnam News Agency quoted Phan Tuan Linh, Quy Nhon Port general director as saying: “Those figures in the port’s 2019 financial statement were audited by an independent auditing company on the list of the State Securities Commission's eligible companies. Thus, VAFI saying that the Board of Directors of Quy Nhon Port inflated business performance in 2019 was unfounded. This would create negative impacts on the reputation of Quy Nhon Port,” Linh said.

The port has emphasised that the business performance in 2019 objectively reflected the actual situation in the Quy Nhon Port with efficient business activities, ensuring income for workers.

In addition, it had invested in assets to improve loading and unloading capacity for increasing cargo loaded and unloaded at the port.

If excluding the factors with increasing costs, such as changes in basic salary and repair of equipment and facilities, the company's total profit in 2019 would have exceeded those figures in the financial statements, Linh said.

The port said in the first six months of 2020, the volume of goods through the port reached more than 5.2 million tonnes, up 12 per cent compared to the same period in 2019 despite the serious impact of the COVID-19 pandemic.

The revenue from business and services reached VND421 billion, up 4 per cent over the same period in 2019.

This result was proof of good management and operation of Quy Nhon Port by the Vietnam National Shipping Lines (Vinalines), Linh said. 

 



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